Tag Archives: company news

Enbridge Delays Start of Mainline Open Season, Traders Say

NEW YORK/CALGARY (Reuters) – Enbridge delayed the start of an open season to solicit bids for contracted space on its Mainline oil pipeline system, North America’s largest oil-shipping network, three market sources told Reuters. The reason for the delay was not immediately clear. Enbridge plans to turn the Mainline system from a common carrier system in which shippers submit monthly bids for capacity, to one that is mostly contracted for up to two decades. The open season was meant to start in mid-July and last for two months, Enbridge said previously. Three sources said the […]

Welding Superintendent Named Man of the Year

Michels Welding Superintendent Charles “Buddy” Kervin was named Man of the Year by United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada. Kervin entered the pipeline industry in 1955 and has been a welder since 1962. He has been involved in several pipeline project in the United States throughout the past five decades. P&GJ

UGI Buying TC Energy’s $1.28 Billion Columbia Midstream Assets

(PLN) – TC Energy said it has agreed to sell some of its Columbia Midstream assets in the Appalachian Basin to energy distributor UGI Corporation for $1.28 billion. The acquisition significantly expands UGI’s midstream portfolio and provides an opportunity to invest an additional $300-$500 million over the next five years, the company said. Columbia Midstream Group holds five natural gas gathering systems with capacity of roughly 2,675,000 MMBtu/d and 240 miles of pipeline in the southwestern core of the Appalachian Basin. TC Energy, formerly TransCanada, said the sale excludes any interest in the company’s minerals […]

Energy Transfer to Expand Dakota Access Capacity

BISMARCK, N.D. – Energy Transfer Partners (ET) plans to nearly double the capacity of Dakota Access Pipeline up to 1.1 MMbpd from a current capacity of more than 500,000 bpd, according to a filing with the North Dakota Public Service Commission. In a letter to the state commission, Dallas-based ET said it plans to optimize the system to increase throughput to meet demand for Bakken crude oil without the need for additional construction on the 30-inch system. The increase, ET attorney Lawrence Bender wrote, “will allow Dakota Access to meet the growing demand from shippers […]

Ohio Refineries Fear Michigan Line 5 Pipeline Shutdown

TOLEDO, Ohio (AP) — Operators of refineries in Ohio are worried that a potential shutdown of Enbridge’s Line 5 oil pipeline in Michigan could push up their costs or even force them to close. Ohio Gov. Mike DeWine sent Michigan Gov. Gretchen Whitmer a letter this past week asking her to not let the pipeline in the Straits of Mackinac shut down permanently. Michigan’s governor wants the company that owns the oil pipeline to finish its replacement within two years, but the company says it can’t be done until 2024. Talks over the timeline broke down earlier […]

Canadian Oil Pipeline Congestion Sets Up Storage Play

(Reuters) – Upheavals in the Canadian crude market are providing unique opportunities for firms with sizeable long-term leases on Alberta storage tanks, a cluster that sources say includes Mercuria Energy Group and oil major BP’s trading arm. Canada holds the world’s third-largest crude reserves, but years of delay in building new pipelines has led to oil production outpacing takeaway capacity. A glut of crude has thus been created, increasing demand for storage tanks in the oil sands province of Alberta, which this year introduced production cuts to deal with the oversupply. The opportunity for traders […]

Saudi Aramco Inks 20-Year Deal with Sempra for LNG Supply

(PLN News Services) – Saudi Aramco signed a 20-year agreement to buy LNG from a forthcoming export terminal in Texas that U.S.-based Sempra Energy is developing, the two companies said . The sale-and-purchase agreement for 5 mtpa of LNG is Saudi Arabia’s first known, nonbinding agreement to buy LNG and the largest such LNG deal since 2013, according to Wood Mackenzie. The agreement is a major step forward in Aramco’s long-term strategy to become a global LNG player, said Amin Nasser, the company’s CEO. “With global demand for LNG expected to grow by around 4% per […]

IFM Investors to Acquire Operator Buckeye Partners for $6.5 Billion

(Reuters) – Asset manager IFM Investors will acquire pipeline operator Buckeye Partners LP in an all-cash deal for $6.5 billion, they said in a joint statement on Friday. Under the terms of the deal, Buckeye shareholders will get $41.50 per common unit held. This represents a 27.5% premium to Buckeye’s closing price on Thursday.  The deal, which will expand IFM’s midstream energy infrastructure portfolio, is expected to close in the fourth quarter of this year. “This acquisition is aligned with IFM’s focus on investing in high quality, essential infrastructure assets that underpin the economies in […]

Chevron Drops $33 Billion Pursuit of Anadarko, Hands Win to Occidental

Chevron Corp abandoned its pursuit of Anadarko Petroleum Corp on Thursday, outmaneuvered by a higher rival bid of $38 billion that included more than three times as much cash. The decision leaves Occidental Petroleum Corp as the likely victor in a contest that again proved the allure of U.S. shale. Anadarko’s board had considered Chevron’s $33 billion bid superior to Occidental’s initial offers, pointing to a signed agreement and joint planning meetings. Chevron’s finance chief signaled the company would be able to put more cash into its existing offer. But that did not happen. The No. 2 U.S. […]

Marathon Petroleum Combines Midstream Operations for $9 Billion

FINDLAY, Ohio (AP) — Marathon Petroleum Corp. is merging two of its oil and gas pipeline, transportation and storage operations for $9 billion. MPLX and Andeavor Logistics are both master limited partnerships majority owned by Marathon, which raised the possibility that it might combine the two late last year. The enterprise value of the deal is listed at $14 billion, and it The deal is expected to close in the second half of the year. Andeavor unitholders will receive 1.135 MPLX common units for each Andeavor common unit held. Marathon will receive 1.0328 MPLX common […]

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